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In a 13D filing yesterday morning on Bradley Pharmaceuticals Inc. (BDY), President and CEO Daniel Glassman submitted a proposal to acquire all of the outstanding equity at a cash purchase price of $21.50 per share.

Bradley Pharmaceuticals confirmed the receipt of the bid and said they have formed a special committee to review the offer as well as other strategic alternatives.

Shares of BDY closed at $18.44 on Friday but jumped to $22.35 following the announcement yesterday.

BDY 1-yr chart

BDY

Source: Bradley Pharmaceuticals: Soars Share on CEO Acquisition Offer